40-5206. Same; novation of insurance contract, when.
108 words·~1 min read·
/ks/chapter-40/40-5206A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
40-5206. Same; novation of insurance contract, when. If a policyholder consents to the transfer pursuant to K.S.A. 40-5205 , and amendments thereto, or if the transfer is effected under K.S.A. 40-5207 , and amendments thereto, there shall be a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer shall thereby be relieved of all insurance obligations or risks, or both, transferred under the assumption reinsurance agreement and the assuming insurer shall become directly and solely liable to the policyholder for those insurance obligations or risks, or both.
This section shall take effect on and after July 1, 2004.